European Parliament Members (MEPs) are advocating for the integration of the metaverse in Europe, aiming to foster its growth while safeguarding user interests.
In a press release dated November 28, MEPs from the Internal Market and Consumer Protection disclosed the adoption of a draft own-initiative report with 31 votes in favor.
The report highlights the metaverse’s potential advantages across sectors such as education, tourism, and healthcare, while underscoring associated challenges like addiction and cyber sickness.
The report notes that current metaverse projects are predominantly emerging outside Europe. Despite this, MEPs, recognizing the opportunities presented by virtual worlds, assert that Europe should assume a leading role in promoting these technologies and supporting businesses venturing into or developing within the metaverse.
MEPs are advocating for regulations facilitating the promotion of metaverse applications within Europe. The proposed regulations emphasize consumer data protection and usage, urging citizens to responsibly engage with these technologies.
This development aligns with a previous move in July, where the European Union’s Commission unveiled a Web4 strategy, signaling a commitment to guide the technological transition towards Web4 and the metaverse.
This strategic shift reflects Europe’s awareness of the global trend, observing regions like the UAE and Asia widely embracing Web3, generating new employment opportunities and economic growth while advancing their technological landscapes.
Statista projects the metaverse’s global market to reach $56.6 billion by year-end, anticipating an annual growth rate (CAGR 2023-2030) of 36.80%. By 2030, the metaverse market is forecasted to achieve a substantial volume of $507.8 billion.